财务危机成本(Financial Crisis Cost)一说来源于西方学者梅耶斯的权衡模型理论(Trade Model),这也是对MM理论的一项卓有成效的补充。按照西方学者的观点,财务危机成本是在财务管理出现技术上或者企业破产的情况下所形成的直接成本和间接成本。其中,直接成本包括履行破产程序及开展破产工作的费用以及因破产所导致的企业无形资产的损失;间接成本则包括发生财务危机但尚未达到破产地步时的经营管理所遇到的工作障碍对企业价值的贬值,以及企业债权与企业决策者 Financial Crisis Cost, a trade model derived from the Western scholar Meyers, is also a fruitful addition to MM theory. According to Western scholars, the cost of financial crisis is the direct and indirect costs that arise when financial management is technically or bankrupt. Among them, the direct costs include the cost of bankruptcy procedures and the commencement of bankruptcy and the loss of intangible assets caused by bankruptcy. The indirect costs include the operational obstacles encountered in the event of a financial crisis but not yet in bankruptcy. Devaluation of value, as well as corporate debt and corporate decision makers